Is FinTech a Disruption or a New Eco-system? An Exploratory Investigation of Banks' Response to FinTech in Australia

Oshodin, O, Molla, A, Karanasios, S and Ong, C 2017, 'Is FinTech a Disruption or a New Eco-system? An Exploratory Investigation of Banks' Response to FinTech in Australia', in Proceedings of the 28th Australasian Conference on Information Systems (ACIS 2017), Hobart, Australia, 4-6 December 2017, pp. 1-11.


Document type: Conference Paper
Collection: Conference Papers

Title Is FinTech a Disruption or a New Eco-system? An Exploratory Investigation of Banks' Response to FinTech in Australia
Author(s) Oshodin, O
Molla, A
Karanasios, S
Ong, C
Year 2017
Conference name ACIS 2017: Data, Knowledge and Decisions
Conference location Hobart, Australia
Conference dates 4-6 December 2017
Proceedings title Proceedings of the 28th Australasian Conference on Information Systems (ACIS 2017)
Publisher Australasian Conference on Information Systems
Place of publication Hobart, Australia
Start page 1
End page 11
Total pages 11
Abstract The emergence of FinTech companies has drawn much speculation about their potential to disrupt incumbent financial institutions and take as much as 20% of their earnings by 2020. While time will tell about these predications, one emerging reality is that FinTech is creating a new ecosystem where the structure has incumbents, start-ups and tech firms forming alliances, partnerships, and investments. This paper investigates how traditional financial institutions are responding to the FinTech? We draw from the concepts of sensing and responding to analyse more than 3000 news articles, webpages, reports, and press releases covering the period 2008-2017 related to four Australian Banks. Within the limitations of the method, our findings indicate that Australian Banks are actively embracing FinTech by creating mechanisms for inbound FinTech knowledge flows, monitoring and facilitating FinTech activities of start-ups, crowd-sourcing FinTech ideas, seeting up innovation hubs to encourage internal FinTech innovations, modernizing their platforms with the adoption of technologies commonly associated with startups, partnering, and investing in FinTech start-ups. These findings indicate banks' continuous adaptive behaviour and open avenue for future research.
Subjects Information Systems Management
Keyword(s) FinTech
Digital Business
Digital Disruption
Sensing-and-Responding
Banking
Copyright notice Copyright: © 2017 Osemwonyemwen Oshodin, Alemayehu Molla, Stand Karanasios, and Chin Eang Ong. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial 3.0 Australia License
ISBN 9781925646092
Versions
Version Filter Type
Access Statistics: 51 Abstract Views  -  Detailed Statistics
Created: Thu, 06 Dec 2018, 10:39:00 EST by Catalyst Administrator
© 2014 RMIT Research Repository • Powered by Fez SoftwareContact us